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Things were definitely frothy with retail piling in thinking it only goes up. If you look at a weekly chart, though, this qualifies as a healthy pullback in a bull market.
That's not true. There are a ton of use cases beyond NFTs such as to safely store value (BTC), decentralized finance (AAVE), identification (ADA), decentralized data storage (STORJ), decentralized video and audio networks (THETA, AUDIO), decentralized AI and machine learning (AGI) and supply chain management (VET), to name a few.
Use cases? That’s a nice topic but I’m talking about actual activity right now beyond people investing. The Mavericks are taking DOGE and Tesla took Bitcoin for a month, but NFTs are the only real activity happening, not use cases.
Do you have similar feelings for gold? BTC is in its infancy, but its volatility is coming down.
I’ve never seen gold lose 50% in a month. It’s actually up today. Times of instability BTC should be heading up but it essentially just follows the tech sector leading the way up or down.
It is. It means that the network is safe and secure. Hard to hack a million computers at once.
You're right that token values are probably zig-zagging all around and well above or below their implicit use case demand values. Eventually, as the space matures and utilization increases, the volatility will decrease and become more in sync with use case value. Ultimately they have to or else demand to use the underlying project will wither away.
September 2011 it dropped from 1,900 to 1,500. We're talking about a "store of value" asset with centuries of market maturity exhibiting that much volatility.
I did wait. Still studying the whole thing. Do you think doge will bounce up, once it hits Coinbase? Seems logical, but this market isn’t very logical.
I'll get back to you after my favorite vloggers tell me what to think in a couple hours. Doge is pretty much controlled but one anonymous dude. It's him, a handful of lesser whales against 5 million redditers and twitterers. There's always been a fear he would pull the rug, but why would he if it has years of growth on the horizon? So my knee jerk response is despite being a little pale faced this morning, I still think doge to $1 is a thing. It has been the determined chant of the redditers for a couple years, and I'm sure the whale, and elon, and mark cuban, and some rockstar are coming to the rescue.I did wait. Still studying the whole thing. Do you think doge will bounce up, once it hits Coinbase? Seems logical, but this market isn’t very logical.
Some would say she's very preethi.In case you need a guide in the crypto world...
https://twitter.com/iam_preethi/status/1395031928735158272?s=20
Ha...those two are on my daily list too. A few others I'd add are Coin Bureau, JRNY Crypto, Altcoin Daily, Alex Becker, and CTO Larsson.
Well said. We're at the dawn of a new age in finance. Much like the dot.com boom, there will be massive speculation and overvaluation and many projects that end with no value. There will also be the Amazon's and Facebook's and Googles of this new age and if you're willing to have patience and exhibit sound risk management, you can make a lot of money over the next decade finding them.Rough day. Some thoughts.
When your kids are young...they do stupid things. They are immature. This applies to special needs kids. This applies to gifted kids. The maturity they display in their early years will pale in comparison to their maturity later in life.
Crypto and BTC in particular for my money are ‘gifted’. But they are prone to emotional outbursts based on external factors that might set them off. That’s not a condemnation of their abilities but rather their behavior.
In terms of the SoV argument...it’s very viable to say that BTC is not that at present time. I’d probably agree. Much like any kid isn’t the best QB/starting pitcher/point guard when measured at an early age.
The properties and ability is there though...the speculation is about navigating the behavioral land mines that will inevitably rear their head on the path upward.
While the ‘Elon tweet’ seems to have been the primary catalyst for the hyper downward motion, the rise of DOGE/SHIBA/Safemoon/Cumrocket and some of the hype around other bells and whistles of this space IMO have distracted from the fact that there is a lot of talent and great innovation happening in this space. A correction like this not only serves to flush some of that hysteria out of the market...but also refocus on the real application of solving some very complex and economically embedded but faulty fiat systems.
Hang in there.
One project I failed to mention earlier is Basic Attention Token (BAT). The token serves to reward internet users to see advertising. If you haven't already, I suggest transitioning to the Brave web browser. It's a seamless move from Chrome and operates in much the same way. However, you will be rewarded with BAT tokens for viewing/seeing ads. Meanwhile, your browsing interests are kept private and not sold by the likes of Google or Microsoft.
little over 300 bat, worth 240 bucks. i'm not big on viewing ads for them. it's a solid browser. i use chrome on one monitor for stuff like this, bat on the other when i don't want google tracking me.
Speaking of George, we're all George... he pounds his 50-25-25 allocation preference very hard. I have kept close to it. But today, as I am regrouping from what i put in usdt, I am turning that into 30-60-10, and the 60 is 50% cardano. I hope everyone is right about this.
Odd for me to say this on a day when BTC is down half of what everything else is, but I prefer a smaller BTC position too. I think diversification is key in this space. These things seem to take turns pumping and who knows which platform will end up being the crown jewel. Right now my top 10 positions are BTC, ETH, ADA, and DOT at 10% each, BNB, ATOM, and SOL at 7.5% each, and LINK, ONE, and ALGO at 5% each.Speaking of George, we're all George... he pounds his 50-25-25 allocation preference very hard. I have kept close to it. But today, as I am regrouping from what i put in usdt, I am turning that into 30-60-10, and the 60 is 50% cardano. I hope everyone is right about this.
Binance and trust wallet running smooth for me, but some exchanges are crashing. I am enjoying this.
This was kicking around when Coinbase was going public. It's amusing. And accurate.Coinbase is down
“don’t worry your money is secure”
uhhhh...I didn’t ask
I understand this line of thinking for, like, a stock... "If I liked Amazon enough to buy it at 3300, I should be happy to buy more at 3000", sure. I get that. You've done an analysis of the company and arrived at some value per share you think it's worth when you total up its assets, growth opportunities, liabilities, etc., and if nothing has changed, then a 10% discount is a great deal. If you think it's worth more than the market cap says, buy.
It just can’t be compared to stocks at all. It’s not the same ballgame. These things dropped 50% in days. Some have gone up 10000% in the year. They just aren’t comparable. You have to just set a price you like and go for it.
As someone who has invested in stocks for over 20 years, I have never done the bolded. Do you think the vast majority of investors "total up its assets, growth opportunities, liabilities..." before deciding to invest? Do you, yourself, dive into a company's financial statements and calculate your own valuation before investing?
This actually isn’t the case. Yes, all cryptos are priced in dollars. But they are also priced in BTC. That’s why you have pairs like ETHBTC and or ADABTC.
Can you share your experience with this a little more?
Plus you can lend them out for pretty nice interest in the meantime. My buddy says his USDT is earning 9% on Voyager.
Ultimately, no one really knows where the market will go from here. If you take a look at the longer terms charts, you will see that we had been on a parabolic move. Once the momentum started to fizzle, the big money decided to take profits and shook out a lot of weak, overleveraged retail hands. Is the selling over? Personally, I'm not convinced and wouldn't be surprised if we get a retest of $30K. I'm hoping we get a run back up to $48K so I can de-risk and have more dry powder in case that happens. That's just a short-term trading view, however. Long term I'm bullish and have confidence that whatever sales I make in the short term will look bad in about three to five years unless I'm able to buy back the positions at a cheaper price.Rushmore said:
So, I had to put up about 2.4 BTC as collateral priced at about $37k. So the collateral put up was valued at over $90K once you add in fees as I chose the 50% LTV ratio (vs 33%). During this time, I won’t earn yield on that BTC, but BlockFi’s yield terms past .5 BTC now are pretty unfavorable. Interest on it was 9.75% as well which I’m aware is not exactly killing it yield wise. But as a first foray into using crypto as collateral, felt more comfortable with a centralized entity vs a lending protocol like AAVE/Celsius.FreeBaGeL said:
If I understand this correctly the back still gets their money back plus interest. You're banking on bitcoin going up enough to cover the interest and fees?
Correct...perhaps more importantly though, when I pay back the principal in 12 months, I’m paying it back with a lot less BTC than it would have cost me to liquidate $45K worth of BTC earlier this week assuming a higher BTC price.
I understand you were more comfortable with BlockFi than Celsius, but I am curious how much better the deal would have been through Celsius?
Loan terms probably a lot better on the 6 month option, but at Celsius, I’m earning 6%+ on my BTC (paid out weekly v monthly), so the net is that the excess BTC at BlockFi which is just earning 2% seemed to be a good place to start.
What we’ve seen over the last week or two, which started with Elon’s comments has been a lot of news that has chipped away at some of the positive narratives that the BTC bull run has been built on.
A big silver lining is that most stuff is 50% off what we considered paying (or did pay) a month ago. The long term fundamentals haven't changed, imo, so if you have new money to deploy you're getting a much better entry point.
Excellent point and exactly how I’m approaching this. I’m in for the long ride and now seems like the perfect time to plow some more fiat dollars into crypto holdings.
Absolutely. If you believe in something longer term, these are the times to be investing. Not when something's already run up 10X. I heard this saying on Youtube the other day: You can make money in a bull market, but you become rich in a bear market. Just takes some patience.
Started building a position in ADA this week...each day's purchase is lower than the day before. Just glad I didn't buy the whole position at $2.00.
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